After a decline and sell-off in the previous few hours, Shiba Inu (SHIB) bulls were able to steadily raise the price of the digital currency. As of press time, there had been a 1.76% upswing to value at $0.000009191.
Market capitalization increased during the upswing by 0.29% to $5,080,326,640. The 24-hour trading volume, which increased by 15.01% to $156,172,956, contributed to this upward trend. The rising trading volume shows that there is more buying pressure as investor demand drives the SHIB price up.
SHIB/USD-24 hour price chart (source: CoinMarketCap)
The linear motion of the Bollinger Bands, with the upper band touching $0.00000939 and the lower bands touching $0.00000903, reflect the stability in the SHIB market. It is anticipated that the bullish trend in SHIB will continue as the market price advances toward the upper band.
When the RSI line is above the RSI SMA line and has a reading of 52.93, a bullish flag is generated by the indicator. The market appears to be stable, which, combined with the RSI’s movement, suggests that the bullish ascent will probably continue.
This bullish momentum in the SHIB market is supported by the Rate of Change (ROC), which is moving in the positive region. However, the ROC is moving south with a value of 1.54, indicating that this bullish momentum may reverse if the ROC line crosses below the “0” line.
SHIB/USD 2-hour price chart (source:TradingView)
The accumulation distribution (A/D) line, which currently has a reading of 21.93T, is edging lower as the price of Shiba Inu (SHIB) is increasing. The movement of the A/D line indicator suggests that there is an increase in selling pressure and an increase in distribution, which may indicate that a price decline is about to take place.
However, with a reading of 0.00000003, the moving average convergence and divergence (MACD) soars above the signal line, dimming this bear momentum. Traders are concerned that prices will reverse if bulls do not continue to push prices higher given how close the MACD line is to the “0” line.
SHIB/USD 2-hour price chart (source: TradingView)
Shiba Inu (SHIB) appears promising overall and is anticipated to maintain this upward trend so long as market sentiment is still upbeat.